The 2011 CPA Exam TEXAS
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State Requirements
Texas CPA Exam Requirements Education requirements –150 Semester Hours –Baccalaureate Degree minimum of 30 upper division semester hours in accounting above the principles level 24 upper division hours of related business courses plus 3 hours ethics course
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The 2011 CPA Exam
Timing for Each Exam Section Exam PartTime Financial4 hrs Audit4 hrs Regulation3 hrs Business3 hrs Total = 14 hours
Financial
Financial - Structure 60% 40% Three multiple-choice question (MCQ) testlets containing 90 questions One testlet containing seven short, task-based simulations TBS; research question in new format No written communication tasks % of questions do not count Passing Grade 75
Financial - CSOs
Financial - IFRS and ISA Candidates will be expected to identify and understand the differences between financial statements prepared under U.S. GAAP and under IFRS. First-time adoption of IFRS related to financial reporting, presentation and disclosures in general-purpose financial statements will also be tested.
Financial - Codification New research task format based on the FASB Codification™. Codification consolidates thousands of U.S. GAAP pronouncements into a single, authoritative, easy-to-access online research tool.
Audit
Audit - Structure 60% 40% Three multiple-choice question (MCQ) testlets containing 90 questions One testlet containing seven short, task-based simulations TBS; research question in new format No written communication tasks % of questions do not count Passing Grade 75
Audit - CSOs
Audit - IFRS and ISA Demonstrate knowledge and awareness of the following: International Auditing & Assurance Board (IAASB) - role in establishing International Standards on Auditing (ISAs) Differences between ISAs and US Auditing Standards International Ethics Standards Board for Accountants (IESBA) Role in establishing International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants. Related independence requirements when auditing a U.S. company that supports an audit report based on auditing standards of another country, or ISAs
Regulation
Regulation - Structure 60% 40% Three multiple-choice question (MCQ) testlets containing 72 questions One testlet containing six short, task- based simulations TBS; research question in new format No written communication tasks % of questions do not count Passing Grade 75
Regulation - Content
Business
Business - Structure 85% 15% Three multiple-choice question (MCQ) testlets containing 72 questions Three written communication tasks on BEC topics % of questions do not count Passing Grade 75
Business - Content
Business - IFRS and ISA Candidates will be expected to demonstrate an understanding of globalization in the business environment as well as be able to explain the underlying economic substance of transactions and their accounting implications.
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